“Research is to see what everybody
else has seen, and to think what nobody else has thought.”
Albert Szent-Gyorgyi (1893 – 1986)
Hungarian Nobel Prize winner in Medicine
For every failed product or idea in the market, there is a market research gone wrong. Are you nodding your head in positive? It is after all, no
child’s play to conceptualize an idea, execute that idea and turn it into a
huge success. Every new product, idea or service, being introduced or
reinvented in any field, has to battle out its nemesis in the form of copycats
or better technology before it can emerge as the winner in the market for years
to come. So how do we make sure that our idea paves its way to the hearts and
minds of our targeted audience while also ensure us those green big bucks for
continued period? This is where market researches come into the picture. Right
amount of market research at the right time with a vision is a sure shot formula
for any idea, product, or organization.
What is also important to note as to why market researches have become
such an unavoidable part of organizations, big or small, start-up or established,
entrepreneur or board of members? What if business organizations stop
conducting researches of any kind? What if every organization introduces
products at their whims and fancies? Introducing any product, idea or service
sans market research is practically unimaginable given its growing necessity in
virtually every possible field. Let us get started on understanding this potent
term and its ever-increasing need that has become the foundation of every
business strategy in our modern society.
Market research, as a general concept, is nothing but the process of gathering
information via surveys, about an idea, product or service that is not
available to the masses at a given point of time. Zora Neale Hurston, American
author, best described market research as, “formalized curiosity,” further
adding that it is “poking and prying with a purpose.” It is, in fact, quite
rightly so. Be it technical, academic or scientific, everyone is driven by the
quest for up-to-date information.
The famous adage, ‘Change is the only constant’ fits more appropriately
in the current market scenario now more than ever. With the growing amount of cut-throat
competition in every realm of today’s society, it is of utmost importance to get
a head start on the general trends, ideas that shaped the global market, products/ideas
that worked wonders and those that crashed to the ground, available
alternatives, and so on. This is important not just for the purpose of learning
but also for making sound and wise decisions. According to Katherine Binns,
Senior Vice President, Knowledge Networks, research needs to be part of a an
interlocking process that systematically informs targeting and positioning, and
getting this right the first time is more than a priority—it is a necessity.
Here are our top five reasons as to why you cannot miss out on market
research.
- Identify
and know your existing and potential customers To know your customers is to know your market. Focus on
questions like, who is the targeted audience? Will it be on a regional or
national level? What is the targeted age group? What is the customer base— Male,
Female, Kids, Teenagers, Above 60? Is the targeted audience mainly married,
single or both? What is the audience lifestyle? Level of education? What do
customers value more—service, quality or brand? What is the purchasing power of
the targeted section? Who or what influences their buying decision? Which are
the online sites most visited for the product/service? Ways to exceed
customer/consumer needs?
- Gateway to
new opportunities In order
to grow your business, it is important to get hold of the possible pitfalls
beforehand. Marketing research will help in identifying opportunities like
information on unserviced or under serviced market or changing market trends, etc.
This will assist in prioritizing those with the highest revenue potential. To
think ahead of others is what is required.
- Risk reduction
Every enterprise involves risk
but with insightful information on the audience, market trends, products,
competition and more can help organizations in reducing that risk to a great
extent. This will further provide clarity and better decision making
strategies.
- Effective
strategies Informed
marketing decisions can make all the difference when it comes to pricing,
distribution, media platform or development. It can also help in starting,
building, consolidating, diversifying and reducing business activity.
- Forecast future
trends Market
research not only positions a product/service/idea in the current market but it
can also anticipate future customer needs. This will help business owners to identify
areas of improvement or expansion and test market’s readiness for a new product
or an improvised version of an existing product.
Apart from the above stated reasons, marketing research can also help in
setting realistic targets, assist in business expansion or solve hindrances,
and provide realistic statistics on changes in technology, customer needs,
competition or economic needs.
In today’s global market where changes occur and competition emerges
with every passing minute, missing out on research is like missing out on
success. Real marketing research is about going out with questions and coming
back with answers. Market research is never a one-time task. It is an on-going
process and to be a successful enterprise routine researches are required. Yes,
marketing researches can be strenuous and time-consuming you would say but it
doesn’t have to be elaborate every time. The real mantra lies in thinking
harder and working smarter. So next time you plan on conducting a marketing
research ask yourself, “Do we need to repeat the whole study or can we examine
the areas that have changed and get started?”
So what are you waiting for? Get those brilliant business ideas up and
running and make your competitors go green with these smart moves.
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